Conversation

twitter.com/DanielMicay/st The small transfer we sent to test how much worse it would be if we had to start using PayPal instead of Bitcoin still hasn't gone through. PayPal claims it was withdrawn to their bank but it never went through. Typical traditional financial system stuff.

Quote Tweet

Daniel Micay

@DanielMicay

Feb 17, 2021

Sending money to someone in India with PayPal: forced to treat it as a purchase with 6% merchant fee and a conversion fee. They need to confirm the payment and mark a product as shipped. Money is frozen until confirming a product was received, which cannot be done for 48 hours.

Show this thread

Daniel Micay

@DanielMicay

Feb 21, 2021

India banning Bitcoin may make it unrealistic for us to pay developers there. It's not comparable to using PayPal or an international bank transfer to send money to the US. They treat it as if it must be a scam. I don't see these issues transferring money to the US from Canada.

Replying to

Many people using TransferWise for N. America to Asia/S. Pacific - but that doesn't make any of the above less depressing.

Daniel Micay

@DanielMicay

Replying to

@DKnol71

I could try it. Dealing with the combination of my bank and a financial service always has the risk of issues though. I've had bad experiences with a lot of these services. It's nice to spend the Bitcoin rather than needing to convert it. Multiple layers of potential hassles.

10:39 AM · Feb 21, 2021Twitter Web App

Replying to

exactly...w/ cryptocurrency, you can predict most of the risks and inspect the code. Risks definitely very opaque when talking about effectively unregulated financial institutions.

Replying to

A lot of the problem stems from regulation which expects them to build systems for AML, etc. and leaves it all up to these corporations to sort out the details so they tend to err on the side of covering themselves and have no problem screwing over small businesses / individuals.